Fast & Furious action star and producer Paul Walker has a two-year first-look production contract with Universal Pictures to house his Laguna Ridge Pictures.

The first project under this agreement is the action thriller Skyscraper, based on an original idea by Mike Sobel. Paul Walker will executive produce and star, with Neal H. Moritz's Original Films producing.

The action star said this about the relationship with the studios:

"I've had a long and successful relationship with Universal so it's the obvious and ideal home for Laguna Ridge Pictures. I'm excited to expand my relationship with them and with Neal, who has been a catalyst and a guide throughout my career. Having the support of Jim Berkus, Theresa Peters and Christopher Hart at UTA, along with my manager Matt Luber and my producing partner Brandon Birtell, now is the time to take this next step," said Paul Walker.

Walker's most recent film with the studio, Fast Five, grossed over $630 million dollars at the worldwide box office, making it one of the biggest films in Universal's history. This spring, Walker will start production on The Fast and the Furious 6. Walker is also attached to star in and executive produce Hours, alongside producer Peter Safran's, Safran Company. The thriller, set in post-Katrina New Orleans, is slated to begin production in April. Walker recently starred in and executive produced Vehicle 19, also with the Safran Company producing.